Port operator International Container Terminal Services Inc. said Thursday net income attributable to equity holders surged 77 percent in the first quarter to $72.4 million from $40.9 million a year ago on the strong operating income, good performance in Australia and Papua New Guinea and lower financing chargers.
ICTSI said the first-quarter income was highlighted by strong operational and financial performance at VICT in Melbourne, Australia and a significant improvement in the operations at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia.
ICTSI said revenue from port operations increased 18 percent in the first quarter to $383.8 million from $325.4 million a year ago while earnings before interest, taxes, depreciation and amortization grew 25 percent to $222.5 million from $177.5 million.
“ICTSI has continued to grow and delivered a strong first-quarter financial performance underpinned by operational improvements and higher contributions from our new ports including VICT in Melbourne Australia, Lae and Motukea in Papua New Guinea. While we remain very mindful of the economic backdrop, we remain confident about the future prospects of the business as we build on this positive momentum,” ICTSI chairman and president Enrique Razon Jr. said.
ICTSI handled consolidated volume of 2,478,672 twenty-foot equivalent units in the quarter, up 7 percent from 2,325,540 TEUs handled in the same period in 2018. The increase in volume was attributed to the improvement in trade activities, new shipping lines and services and continuous volume ramp-up at certain terminals.
